Corporate · RU000A105KR6

Vostochnaya Stevedoring 1P-03R

RU000A105KR6

Fixed

16.89%

yield to maturity

cheap versus the group+110 bp

Price 95.17% 997 ₽ with accrued interest

Coupon 11.25% 2×/yr

Maturity 30.11.2027 term 1.1 y

Duration 1.0 y price −0.9% per +1 pp of rate

Premium over OFZ +287 bp over OFZ 14.02% at 1.01 yr

Credit risk ruAA- Expert RA · low

Price and premium over OFZhow the bond has traded and how much it pays over OFZ

Bond price, % of par

Incomewhat your investment will earn and when payments arrive

Yield calculator

Investment amount, ₽ Or quantity, units Broker fee, % Purchase price, % Yield to maturity, % Premium over OFZ, bp

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Effective YTM under the MOEX convention (ACT/365). The fair price discounts the cash flows at the yield of a comparable credit class (a reference point).

Expected income and buffer · for the year

Over the key rate+289 bp

Roll-down (year)+0.01%

Expected income+16.9%

Safety buffer+1959 bp

Cash flows

Date	Coupon, ₽	Principal, ₽	Total, ₽

Coupon payments and principal repayment by date for one bond. On the chart, coupons use the left axis and face value the right one.

Issuer credit qualitycredit risk and the issuer's debt on the exchange

Credit risk Low issuer rating AA- · Expert RA

Default probability ≈ 0.07% per year, by issuer rating

Issuer debt on the exchange 37.5 bn ₽ 3 issues

Due within a year 20% of exchange debt, maturities and puts

Cost of debt 11.21% market 15.85%

Issuer debt maturities by year

20267.5 bn

202715.0 bn

202815.0 bn

Risk-adjusted yield

16.83%

without the adjustment — 16.89%: expected default losses reduce the yield by 6 bp (1 bp = 0.01 pp)

The probability of default is 0.07% a year: the historical average for this rating. In a default, holders recover 30% of face value on average.

What the spread over OFZ is made of

Expected loss 6 bp Exit cost 2 bp Risk premium 279 bp

FairValue score

Attractiveness score67/100

How the score is built

Cheap vs norm 92 weight 15%

Cheap vs group 82 weight 15%

Safety buffer 83 weight 25%

Liquidity 29 weight 25%

Credit quality 63 weight 20%

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Compare with another bond

Whether to swap Vostochnaya Stevedoring 1P-03R for another issue - we compare yield (including after tax), credit risk, duration and liquidity

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Vostochnaya Stevedoring 1P-03R and peers: yield × term

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History and alternativewhat the bond returned in the past and a comparison with a deposit

A bond or a deposit?

This bond

16.9%

the rate is fixed for 1.1 y

Deposit

13.1%

top-10 banks, decade 2 of October 2026

Liquidity fund

13.6%

floats with the CBR key rate

The yield is 3.8 pp above the deposit rate. The bond's rate is fixed until maturity: if the Bank of Russia cuts the key rate, rates on new deposits and the liquidity fund yield will fall, while the bond's income will stay the same.

A pre-tax comparison. Bond coupons are taxed at 13% personal income tax — see the “After-tax yield” row in the bond parameters (≈ 14.0%). Deposit interest is taxed above a tax-free allowance; a liquidity fund qualifies for the long-term holding relief after 3 years.

Issue parametersterms, buying now, yields and spreads

Terms

Coupon11.25% a year · 2 payments/yr

Coupon, ₽56.10

Par1 000 ₽

Maturity30.11.2027 · 1.1 y

Issue

Listing level3

Issue size15 bn ₽

Lot1 units

Buying now

Order book95.15 / 95.18%spread 0.03% (≈3 bp of yield)

Cost of entry≈ 16 ₽ per 100,000 ₽ · quote 27.10 20:00

Accrued interest, ₽45.61 as of 28.10.2026

Average daily turnover709.4 k ₽

Trades today50 · turnover 6.5 mn ₽

Yields

Current yield11.82%

Simple yield15.72%

After-tax yield13.98% / 13.53% at 15%

Spreads and valuation

Z-spread over OFZ+280 bp

Spread over swaps (I)+252 bp

Z-spread over swaps+251 bp

Peer assessmentCheap +110 bp versus the group

MOEX ISS data. Not an individual investment recommendation. Yields, spreads and the fair price are calculated from the exchange quote and are for reference: a real trade goes through at the order book price and depends on the issue's liquidity. The calculations exclude broker and exchange fees; tax is shown on a separate line and simplified (no accrued interest at purchase).